Department for Business and Trade

Economic Cooperation: Saudi Arabia

Lord Taylor of Warwick: To ask His Majesty's Government whatplans they have for promoting economic cooperation between the UK and Saudi Arabia.

Lord Offord of Garvel: Saudi Arabia is an important trading partner for the UK, with total bilateral trade at £18.5 billion in the four quarters to Q1 2023, and as underpinned by our joint Strategic Partnership Council. To further promote two-way trade and investment, the UK is negotiating a Free Trade Agreement (FTA) with the Gulf Cooperation Council (GCC), including Saudi Arabia. An FTA will boost UK exports, create new opportunities and drive greater investment. It is also expected to increase UK-GCC trade by 16% and contribute an additional £600m (compared to 2019 levels) to UK workers’ annual wages in the long run.